The global gaming market projected to grow beyond half trillion dollars by 2030

global gaming market

Report forecasts a compound annual growth rate for the industry exceeding 10 per cent

A recent market size, share, and trends analysis and forecast report by U.S.-based market research and consultancy company Grand View Research, Inc. expects the global gaming market to reach a value of $504.29 billion by the year of 2030 expanding at a compound annual growth rate (GARG) of 10.2 per cent from its 2021 estimated size of $202.64 billion.

The growth will be fueled by the rising popularity of mobile gaming across online casino, real money and casual genres, esports and live streaming of games, as well as multiplayer gaming which has enhanced user experience and added a socializing element by enabling players to interact with each other.

The market expansion on the global scale will also be facilitated by innovations and technological advances in hardware and software alike, as well as the growing adoption of tech in the different regions of the world. The rising internet penetration and the growing ease of access of games over the digital medium will further drive the global gaming market in the upward direction.

The advance of 5G networking with its extra high mobile data transfer speeds and ultra low latency values will significantly lower issues such as gaming lag and improve user experience in cloud gaming. The fifth generation mobile services will also enable game developers to innovate more and enhance gaming experience for online customers.

Issues related to mental health, addictions and obsessive gaming, as well as problems related to cheating and fraud with gaming transactions will act as restraining factors for the growth of the global gaming market.

Market Divisions by Type, Device and Geographical Regions

Dividing the gaming market by type into offline and online, the Grand View Research report projects a CAGR of roughly 13.0 per cent for the online segment during the forecast period. The expansion of online gaming will be driven by the increasing traction of real money casino app games and other forms of gaming based on real money, as well as by the growing adoption of multiplayer games that can be played online from remote locations.

Technological advances such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and others have brought more users to the realm of online gaming. The rising number and popularity of esport events and multiplayer gaming keep expanding the market reach of the industry on a global scale.

The study segments the global gaming market into console, mobile, and computer devices. The console segment had a market share of around 31.0 per cent as per 2021 estimates and is projected to experience the fastest growth rate between 2022 and 2030.

Consoles have a number of advantages over other device types, such as ease of use, affordability, absence of a need to upgrade, wireless controllers that provide an active gaming experience, and multiplayer options to play with friends who also own a console.

New top-grade console devices such as the Xbox Series X and PlayStation 5 feature ray tracing graphics rendering, capability for 4K gameplay with frame rates of up to 120 fps, and ultra fast load times. The enhanced gaming experience promised by such consoles will drive the growth of the segment over the forecast period.

Separating the world’s gaming market by geographical regions, Asia Pacific had a clear dominance in 2021 generating around 50.0 per cent of the global gaming revenues. The region is also expected to display the highest CAGR over the forecast period approaching the 11.0 per cent threshold.

The region is home to several major local gaming markets such as China, Japan, South Korea, and India. A number of Chinese game developers have been using a multitude of tactics and strategies to enlarge their user base and have integrated social media networks into games fueling the growth of the market in the region.

The other regions covered by the Grand View Research report are North America, with insights into the U.S. and Canada markets, Europe, with sections dedicated to the U.K. and Germany, Latin America, paying special attention to the Brazilian market, as well as the Middle East and Africa.

Other articles from – –

Mtl Wine Gal

Mtl Wine Gal bringing affordable high-end private imported wine to your table

SHAN Collection from Montreal

Hottest and latest bikini styles

Is it possible to get an A for a 5-paragraph essay assignment in 1 hour? We can safely say yes, a student can get an A+ mark if he turns to EduJungles


The ultimate guide to planning a long family staycation in Canada

To guarantee that everyone has an amazing time, careful planning is necessary when organizing a lengthy staycation. Here’s the ultimate guide to planning your family staycation in Canada. Canada, with its vast landscapes, diverse cities, and rich cultural heritage, offers endless possibilities for a memorable family staycation. Whether you’re exploring the stunning natural beauty of

Meal kits

Cost vs. Convenience: Analyzing meal kits and traditional cooking

In this modern world and modern times, convenience often takes priority over cost, especially when it comes to food. Meal kits and traditional cooking represent two different approaches to home dining, and each of them has advantages and disadvantages. Analyzing these methods through the lens of cost and convenience provides insight into why individuals might

Condo renovations

Condo renovations Dos and Don’ts: Expert Tips for a Successful Project

Embarking on a condo renovations journey can be both exhilarating and daunting. Imagine transforming your living space into a stylish haven that reflects your personality and meets your needs. While exciting, the process can be full of challenges and unforeseen hiccups. That’s why we’ve gathered some condo renovation dos and don’ts from the experts to

Terrific Hair

Terrific Hair Means Tamanu – Earth to Body

Curly, straight, thick, thin, kinky or silky, tamanu loves and makes terrific Hair.  And scalps. Nutritionally dense yet gentle, tamanu is an effective and versatile nut oil. It stimulates, helps promote growth. prevents hair loss, reduces scalp itch and irritations and adds a natural sheen! Make tamanu a part of your hair and scalp care

Understanding the 4 legal process after a DUI Crash

A single mistake can have serious consequences, especially when driving under the influence. The aftermath of a DUI crash extends beyond physical harm and property damage. It involves a complex legal process that may feel overwhelming. As a responsible citizen, it’s vital to grasp the legal system and your rights in such situations. This blog

personal injury lawyer

Pedestrian accident: How a personal injury lawyer can help you

Accidents involving pedestrians can be life-altering. You could be walking down the street or crossing a street. A vehicle’s sudden impact can change everything right away. If you’ve found yourself in such a situation, you might be wondering how to move forward. This is where a personal injury lawyer steps in, offering crucial help and

Mtltimes Subscription

The latest on what’s moving Montreal and the world – delivered straight to your inbox